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(A) (1) In the event of the withdrawal of any participant from the retirement system, the retirement system shall pay on or after separation of employment to the participant, an amount equal to the participant’s contributions to the retirement system, plus regular interest upon the written request of the participant.
(2) In the event of the death of any participant without a vested benefit or death benefit under the retirement system, an amount equal to the participant contributions to the retirement system plus regular interest shall be paid from the retirement system either to such beneficiary as the participant may have designated in writing and filed with the Retirement Board or, in the event that no such beneficiary shall have been designated, the sum shall be paid to the participant’s estate.
(3) If at the death of any pensioner an excess of the participant’s contributions as of the effective date of the participant’s retirement over pension payments thereafter made to the participant shall remain, the excess without interest shall be disbursed by the Retirement Board in the same way.
(B) Any participant who receives a refund of participant contributions shall forfeit his entire accrued benefit under this retirement system.
(Ord. passed 1-24-2011)